Does the current reporting framework meet the needs of the 21st century?

Let's face it, the current historic reporting framework used by companies, is by itself, inadequate for investors and other stakeholders to understand a company’s true value. Whilst the historic reporting framework still has a place in the financial world by providing reasonable consistency in corporate reporting, it fails to measure the true value of companies. Historical financial indicators do not reflect a company’s capacity to grow, adapt and change.